Dubai’s Economy Records Growth by 2.9% in Q3 2017
Image: DSC Logo
According to reports of Dubai Statistics Center (DSC), Dubai's economy has featured an actual growth during the first 9 months of 2017 by 2.9% where Dubai's actual GDP has amounted to 297.3 billion dirhams.
Arif Al Muhairi, DSC's Executive Director stated: "This growth has been consistent with the semi-annual and quarterly growth rates of 2017. Indeed, growth rate records 2.8% during the first six months of 2017 and 3.3% during the first quarter of 2017."
Al Muhairi indicated that the activities of accommodation and catering services witnessed the highest rate of growth in Dubai's economy as it reached 8.0% and it contributed to the actual growth achieved by Dubai's economy up to 13.2% during the first nine months of 2017. Meanwhile, real estate activities featured a growth by 7.6% which represents 17.3% of the actual growth of the Emirate.
He added: "Transportation and warehousing activity grew by 4.8%." He underlined: "This activity was the most energetic and driving activity of growth contributing by 20.3% of Dubai's actual total growth." Noteworthy, that all these activities contributed by more than 50% of the realized growth in Dubai.
The Executive Director of DSC further explained: "Data indicate that the trade activity continued to maintain the top spot among other activities for its contribution to the actual GDP of Dubai despite achieving a marginal growth by 26.2% of Dubai's total economy. Transportation and warehousing activity placed second by a rate of contribution of 12.6%. The financial sector was placed third in terms of its contribution to Dubai's total economy by 10.2%. Indeed, the whole three activities accounted for 49% of Dubai's total economy during the first nine months of 2017."